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can you make these into journal entrys? Required information [The following information applies, to the questions displayed below.] Donnie Hifiger has two classes of stock
can you make these into journal entrys?
Required information [The following information applies, to the questions displayed below.] Donnie Hifiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2024, 300 shares of preferred stock and 4,000 shares of common stock have been issued. The following transactions affect stockholders' equity during 2024: March 1 Issue 1,100 shares of conmon stock for \$42 per share. May 15 Purchase 400 shares of treasury stock for sis per share. July 10 Resell 200 shares of treasury stock purchased on May 15 for $40 per share. October 15 Issue 200 shares of preferred stock for $45 per share. Deceaber 1 Declare a cash dividend on both common and preferred stock of 50,50 per share to all stockholders of record on December 15. (Hint: Dividends are not paid on treasury stock.) December 31 Pay the cash dividends deciared on Decenber 1. Donnie Hifiger has the following beginning balances in its stockhoiders' equity accounts on January 1, 2024: Preferred Stock, $300; Common Stock, $40; Additional Paid-in Capital, $76,000; and Retained Earnings, $30,500. Net income for the year ended December 31,2024 , is $10,800. Required: 1. Record each of these transactions. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Step by Step Solution
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